WHAT ARE THE QUALIFICATIONS
TO BECOME A CERTIFIED MINORITY-OWNED BUSINESS?
Certification could mean access to government and corporate contracts
M&T Bank has resources and support for multicultural and diverse-owned businesses seeking certification.
What is the classification of a minority-owned business?
To qualify for one of several different multicultural and diverse-owned business certifications, which are administered by numerous federal and state governmental agencies, a business usually must have at least 51 percent minority ownership as well as participation in day-to-day operations by a minority owner. Some certifications may also require that the business be in operation for a period of time before certification eligibility.
Many government agencies and private companies set aside a portion of their contract budgets for multicultural and diverse-owned businesses to promote diversity. Getting certified could mean easier access to federal, state, local and corporate contracts and additional benefits like entrepreneurship coaching and networking opportunities. M&T can help your business through the certification process.